"We heard from guests last week that they were unhappy about being blocked from buying our product," Therese Hayes, Lululemon's senior vice president of communications and sustainability said in a statement. "We looked into it and realized that we had indeed gone too far, and have taken steps to fix it as quickly as possible."

Lululemon's decision comes two weeks after Business Insider revealed the company's practice of banning customers in an exclusive report. The company said at the time that it blocked customers who showed a "pattern of re-selling new product numerous times on an ongoing basis and at an elevated price point."

In her statement to Business Insider Wednesday, Hayes said the company is apologizing to those impacted by the ban.

"Our approach is simply intended to limit major reselling which results in assortments not being available to all of our guests," she said. "We are reaching out to apologize to the guests who were impacted and have adjusted the language on our website to reflect that we are only concerned when we see large amounts of product being acquired and re-sold at an elevated price point."